As a working professional, homeowner, or someone who has a fair share of responsibilities, expenses are unavoidable. Sometimes, these unforeseen expenses pop up because of events like medical issues, family emergencies, or sudden price hikes. Alternatively, you may face unplanned renovation costs when fixing your home or additional costs for planning a wedding. There will be times where debts arise, and you face a time crunch to pay them, wondering where the money will come from.

More than half of Americans live paycheck to paycheck, unprepared for unexpected expenses. However, there are many ways to get fast money to help you pay off an emergency expense, whether it’s through a loan, a special fund, or doing much-needed financial restructuring.

Getting a Car Title Loan

One of the best and quickest ways to pay off an emergency expense is to secure a car title loan. Also known as a pink slip loan, a car title loan allows people looking for quick financial support the chance to secure money without needing to go through credit checks and extensive investigations.

As long as you’re 18 years or older, can show your insurance, proof of residency, and other documentation, you can get pre-approved for a car title loan. Plus, you should not have any money owing on the vehicle, meaning it’s fully paid off. Unlike a traditional bank loan, which requires applicants to wait several business days before approvals, lenders approve applications for car title loans almost instantly, as long as the basic requirements are met.  Lenders will subsequently put a lien on the vehicle to secure the loan. Borrowers can use the loan to cover their emergency debts and, as long as they have some form of income coming in monthly (job income or insurance benefits), they can pay back the loan. Once the loan is paid off, the lien is removed from the vehicle.

The car title loan uses the equity of the car and the car’s title as collateral. As long as you pay the loan, you can use your vehicle at any time. Essentially, borrowers are borrowing money against the market value of their cars. People approved for car title loans can borrow what the car is worth, giving them a significant financial boost. It’s a better option than a payday loan that requires credit checks, is costlier, and takes longer to gain approval.

Establishing an Emergency Fund or an HSA

This is more of a preventative measure than anything else, but it’s a useful measure nonetheless. It’s recommended that households have at least six months of expenses secured in an emergency fund, putting aside at least $1,000 in cash that can be used immediately when sudden expenses emerge.

Anyone in a financial bind can also check with their health provider to qualify for a health savings account (HSA). The funds you put in your HSA roll over each year, ensuring you don’t lose unspent funds. Additionally, contributions to an HSA are tax-deductible, and withdrawals for medical expenses aren’t taxed.

Using an emergency fund ensures you can quickly pay any bills or home expenses while the HSA covers you when you’re facing mounting medical costs.

Develop More Discretionary Spending Habits

It’s easier to have money for unexpected expenses once you budget for the things you need and cut out the less important financial commitments.

It’s important to assess or re-assess your budget to determine how much money you’re spending on non-essential items. Things like streaming services, gym memberships, expensive smartphone plans, or restaurant trips are among the less important expenses you can cut, so you save money for emergency expenses. Also, you can find ways to reduce money on your key expenses like grocery bills or phone bills. If those bills can be lowered, the money saved can go towards covering emergency expenses. More people are budgeting now than ever thanks to the current global situation, and developing financial discipline will help save money for scenarios when needed most.

Pause Contributions to Your Retirement Account 

It’s always good to plan for your financial future, and there are few better ways to do that than having retirement savings put aside. However, if you have immediate needs due to emergency expenses and need money right away, then it may be a good time to pause your contributions to the retirement account.

You can always get back to putting money in the account at some point. But, you must secure a solid financial foundation before you can properly plan for retirement. You can even withdraw the principal you’ve contributed to your retirement account without paying the penalty if you have a Roth IRA. Focus on settling your financial obligations now, so your financial future looks brighter.

Each of these methods ensures you have a formidable strategy to count on when facing mounting financial pressures, giving you the money you need without the wait.

The real-time currency value is the most important factor for every owner of trading accounts as it determines which positions bring profits and which bring losses. In this quick guide, we will tell you how to check currency value in the right way if you are a trader. 

How Are Currencies Valued?

In simple terms, currency value is determined in the same way the market determines the price of any other good or service – by comparing supply and demand. The supply and demand of every currency are regulated by the governments through established fiscal and monetary policies. Besides, you should understand that supply and demand are heavily affected by such factors as :

• Inflation – if the inflation is high, it means that the currency holder has a lowered purchasing ability, and the costs of currency-local goods will increase. Countries with high inflation rates generally experience lowered currency demand and, as a result, lower currency value. 
• Monetary supply – if the money supply in a currency-native country goes up, the value of the currency goes down and vice versa. 
• Current interest rates – the higher interest rates a country offers to the market, the higher its currency value can get. Higher interest rates attract investors, increase demand, and, as a result, the value. 
• Capital flow – if the demand for a currency is high, it indicates that more capital flows into its country. On the contrary, capital outflow indicates a negative trend for a currency. 

If you look at the USD as an example, you will notice that its value is measured through exchange rates, currency reserves, and government bonds, and you have to consider all three to understand where the USD is headed at the moment. 

After the global cancellation of the gold standard in 1971, two exchange rate systems have been used to value a currency:

1. Fixed-rate system – if a country has a fixed exchange rate, it means that its currency is “attached” to a more stable anchor currency in order to move identically on the market. USD is the most frequently used anchor currency. The downside of using USD or any other currency as an anchor currency in terms of a fixed exchange rate system is policy dependence, lower currency liquidity, and lower volumes of free trade. 
2. Floating rate system – if a country has a floating exchange rate system, it allows the situation on the foreign exchange market to affect the currency value based on the global supply and demand. Countries with floating rate systems have more independent economic policies, generally higher liquidity, but also higher exchange rate volatility. However, the government will always intervene to keep the fluctuation band of the currency reasonable. 

Check & Understand

Now that you understand what factors determine currency value, you can simply google the current value of a chosen currency, look at the trend, and make conclusions about the situation on the market. Don’t forget to analyze all the factors that affect currency value, make sure to know the exchange rate system type of the country, and you will always be ahead of the headlines. Stay tuned for more useful guides!